Pune’s ₹300 Crore Investment Scam: Absconding Couple Traced to Thailand, Police Launch Extradition Efforts

Pune – In a major breakthrough, the Pune Police have tracked down the masterminds behind one of the city’s largest investment frauds. Selva Kumar Nadar and his wife, Sneha Nadar—accused of duping over ₹300 crore—have been traced to Thailand after remaining elusive for over two years.

The couple, who ran the infamous Ashtavinayak Investment Firm in Pune, disappeared with their minor son in early 2023, leaving behind hundreds of devastated investors.

A Dream Investment That Turned Into a Nightmare

The Ashtavinayak Investment Firm operated from a commercial space in the Camp area and targeted high-earning professionals, especially from Pune’s booming IT sector. They pitched what seemed like a win-win: easy personal loans, EMI management services, and handsome returns on investments.

Initially, everything appeared above board. With partnerships claimed with several banks and NBFCs, clients trusted the firm to manage their loans and investments.

However, things began to unravel when EMI payments defaulted and returns dried up. By early 2023, the Nadars had shut down their office and vanished.

A Calculated Scam: How the Nadars Lured Investors

According to the Pune Police’s Economic Offences Wing (EOW), the scam was methodically planned. The firm’s employees contacted potential clients through cold calls, offering attractive loan schemes or EMI transfers.

Once contact was established, high-salaried individuals were convinced to become “profile investors.” These clients would take out personal loans in their own names and hand over the funds to Ashtavinayak, believing they were being invested in sectors like gold trading, hospitality, and the stock market.

In return, they were promised monthly returns of 6% to 12%, salary protection in case of job loss, emergency loans, and life insurance. It seemed too good to be true—and eventually, it was.

From Delays to Disappearance

By October 2022, investors began noticing delays in EMI payments. Selva Kumar Nadar assured clients that the issues were temporary. But by February 2023, the firm’s shutters were down, phones were switched off, and the couple had fled the country.

Soon after, a barrage of police complaints followed. The Bund Garden Police registered the first FIR on March 17, 2023. Since then, more than 300 victims have come forward.

Legal Heat Mounts: Lookout Circulars and Arrests

The EOW swung into action and arrested three employees of the investment firm. A proclamation order declaring the Nadars absconding was issued by a Pune court, followed by two lookout circulars.

The police discovered the couple had left India with their five-year-old son, reportedly traveling through Mumbai before boarding an international flight. While a missing persons report was initially filed by a family member at the Kondhwa Police Station, it soon became clear this was no case of disappearance—it was premeditated fraud.

Traced to Thailand: Interpol to Step In

Pune Police have now confirmed that immigration records show the Nadars flew to Thailand. Deputy Commissioner of Police (EOW) Vivek Masal confirmed that the police are working with central agencies to initiate Interpol proceedings to bring the accused back to India.

This development marks a critical step in the investigation, giving hope to hundreds of victims who have been demanding justice.

Victims Speak Out: Financial Loss, Mental Trauma

Many victims, mostly tech professionals from Hinjawadi, Magarpatta, and Kharadi, had taken loans ranging from ₹5 lakh to ₹30 lakh under this scheme. With EMIs piling up and no returns in sight, several have faced mounting financial pressure.

In one tragic case, a Kharadi-based professional, Prabhat Ranjan, took his own life in July 2023. In his suicide note, he blamed Selva Nadar and three others for driving him into financial ruin.

What the Scam Reveals About Investor Mindset

The Ashtavinayak scam highlights a concerning trend: the vulnerability of even educated, financially stable individuals to smooth-talking fraudsters. The offer of high returns with little risk remains an enticing trap.

Experts believe this case underscores the urgent need for better financial awareness, and for stricter checks on firms operating outside traditional banking structures.

A Lesson for All: Stay Vigilant, Ask Questions

While the pursuit of the Nadars continues, this case serves as a strong reminder to conduct thorough due diligence before trusting any firm with large sums of money.

Investors are urged to always ask for documentation, verify company registrations, and be cautious of schemes that promise abnormally high returns. If it sounds too good to be true—it probably is.

As Pune Police gear up for legal proceedings and international coordination, the victims of this scam continue to wait for justice. The hope now rests on swift extradition and a fair trial—one that could restore some faith in the system for those who lost everything.